Recently-released accounts revealed Worcester made a massive loss of £3million during the 2012-13 financial year compared to a deficit of £1million in the 12 months prior to that.

Coupled with the gaping hole in the balance sheet, Warriors are facing the prospect of relegation to the Championship, which would only serve to compound the problem.

However, Glossop, who has taken the reins on a temporary basis following the sacking of Charles Cameron in February, insists the money men behind the club have given assurances they will continue to provide backing for Dean Ryan’s proposed revolution.

One of the main reasons behind the poor financial performance at Sixways has been lower attendances than the club budgeted for, but Glossop recognises this is unlikely to change until the on-field fare is vastly improved.

With that in mind, the shareholders will continue to bankroll Ryan and they see the Warriors director of rugby as the man to deliver the long-awaited success everyone at Sixways craves.

Glossop said: “The shareholders are fortunately supportive of us and it would not be a major issue should the worst happen and we end up being relegated this season.

“The main impact on our losses for 2012-13 was that we were short on season tickets as against original budget and we were short on match-to-match tickets sales.

“Then, as the second-half of the season went on, our match-to-match got worse and worse.

“If you’re playing in front of 2,000 less people than you’ve budgeted for, than that’s £50,000 difference per game.

“I have said to the shareholders that, with the programme we are following, it won’t be a one or two-year thing.

“We have stopped talking about Heineken Cup qualification now and are instead looking at a long-term programme and the shareholders have said they recognise that.

“They are not stupid people and recognise the financial implication of that, but anything is always dependent on us making the moves we have indicated.

“If we are ticking off the boxes, improving on the pitch, getting the academy functioning well and if the vision is on track, then I think we have support, which is at an extremely generous level when you see those figures.”

Glossop also revealed the recruitment process for Cameron’s full-time replacement is under way and the new chief executive should be in place this summer.

He explained: “We are out there recruiting a new chief executive at the moment and I would hope that, by the end of May, we would have identified someone. If not, it will be because we haven’t found someone on the first trawl.

“Assuming the person works one to three months’ notice, we would anticipate them to be in the post between July 1 and September 1.”

Meanwhile, Warriors full-back Chris Pennell has been nominated for the Premiership player-of-the-month award for March.

The Sixways vice-captain had yet another outstanding month for Warriors with his consistent performances. The winner will be announced at noon today.

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